Soybeans are 3 to 4 cents per bushel lower to start the midweek session. Yesterday, futures closed 1 3/4 to 3 3/4 cents lower. Preliminary open interest data showed long liquidation in the November contract, but net buying overall as the OI rose 1,391 contracts for the day. Soymeal futures were $1.20 to $3.90/ton higher at the closing bell, but Bean Oil futures were down 60 points on the day. Jan No.1 soybean futures on the Dalian were down 19 yuan/MT to 4,592 (~ $18.43/bu) on Sept 21. Nov No.2 bean futures closed 12 yuan/MT higher at 3,766 (~ $15.12/bu). Chinese import commitments from the US now total 698 million bushels, and the narrative is shifting to “can we get it shipped?” Reports from Argentina’s CIARA-CEC are for a 9.5% decline in soy crush on an 11.4% lower supply of beans. Official August data showed crush was 20% lower yr/yr noting ~50% of plants were offline.

--- provided by Brugler Marketing & Management